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SHI Sinopec Shanghai Petrochemical

 

 

SECURITIES AND EXCHANGE COMMISSION

Washington D.C. 20549

 

 

FORM6-K

 

 

REPORT OF FOREIGN PRIVATE ISSUER

PURSUANT TO RULE13a-16 OR15d-16

UNDER THE SECURITIES EXCHANGE ACT OF 1934

For the month of April 2020

Commission File Number: 1-12158

 

 

Sinopec Shanghai Petrochemical Company Limited

(Translation of registrant’s name into English)

 

 

No. 48 Jinyi Road, Jinshan District, Shanghai, 200540

The People’s Republic of China

(Address of principal executive offices)

 

 

Indicate by check mark whether the registrant files or will file annual reports under cover Form20-F or Form40-F.

Form20-F  ☒            Form40-F  ☐

Indicate by check mark if the registrant is submitting the Form6-K in paper as permitted by RegulationS-T Rule 101(b)(1):  ☐

Indicate by check mark if the registrant is submitting the Form6-K in paper as permitted by RegulationS-T Rule 101(b)(7):  ☐

 

 

 



SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 

  SINOPEC SHANGHAI PETROCHEMICAL COMPANY LIMITED
Date: April 29, 2020  By: 

/s/ Wu Haijun

  Name: Wu Haijun
  Title: Chairman of the Board of Directors


Exhibit 99.1

 

LOGO

(A joint stock limited company incorporated in the People’s Republic of China)

(Stock Code: 00338)

Major Operating Data of the 2020 First Quarter

According to Rule 18 of the Guidelines of the Shanghai Stock Exchange for Industry Information Disclosure No.18 – Chemical Industry, Sinopec Shanghai Petrochemical Company Limited (the “Company”) announced the major operating data for the three months ended 31 March 2020:

 

I.

Major operating data of 2020 first quarter

 

Product

  Production volume
(10,000 tons)
   Sales volume
(10,000 tons)
   Sales revenue
(1,000 RMB)
 

Petroleum products

      

Diesel

   82.25    81.54    3,406,732 

Gasoline

   70.28    73.21    5,039,654 

Jet Fuelnote 1

   40.11    32.43    1,256,714 

Intermediate petrochemicals

      

PXnote 2

   15.72    9.31    477,655 

Benzenenote 1

   9.01    7.78    361,764 

Ethylene Glycolnote 2

   8.88    5.76    230,305 

Ethylene Oxide

   5.59    5.43    339,723 

Ethylenenote2

   20.26    0.00    0 

Resins and plastics

      

PE

   12.69    11.42    780,421 

PP

   11.52    10.04    759,547 

Polyester chipsnote 1 note 2

   8.73    6.19    319,284 

Synthetic fibres

      

Acrylics

   2.83    2.54    294,098 

Polyesternote 1

   0.63    0.61    38,854 

Note 1: Sales exclude materials processed on asub-contract basis.

Note 2: Part of the difference between the production volume and sales volume is internal use.

The above data for sales volume and sales revenue does not include the data for the Company’s trading of petrochemical products.


II.

Change in prices of major products and raw materials in the 2020 first quarter

Unit: RMB yuan /ton

 

Product

  The average price in
the 2020 first quarter
   The average price in
the 2019 first quarter
   Change 

Diesel

   4,178    4,893    -14.62

Gasoline

   6,884    6,915    -0.44

Jet Fuel

   3,875    3,962    -2.20

Ethylene

   —      7,054    —   

PX

   5,131    7,334    -30.04

Benzene

   4,648    4,013    15.82

Ethylene Glycol

   4,001    4,477    -10.63

Ethylene Oxide

   6,262    6,762    -7.40

PE

   6,832    8,417    -18.83

PP

   7,567    8,510    -11.08

Polyester chips

   5,156    6,933    -25.62

Acrylics

   11,599    13,750    -15.64

Polyester

   6,419    8,513    -24.59

Raw material

  The average processing
cost in the 2020 first
quarter
   The average processing
cost in the 2019 first
quarter
   Change 

Crude oil

   3,427.69    3,155.35    8.63

 

III.

Other Matters

The above-mentioned operating data was calculated based on the internal statistics of the Company and is intended to provide an overview of the production and operation of the Company to the investors on a timely basis. The operating data is unaudited and does not make any express or implied forecasts or guarantees in respect of the Company’s future operating conditions. Investors are advised to exercise caution when using such information.

 

  By Order of the Board
   Sinopec Shanghai Petrochemical Company Limited
   Wu Haijun
  Chairman

Shanghai, the PRC, 28 April 2020

  


Exhibit 99.2

 

LOGO

(A joint stock limited company incorporated in the People’s Republic of China)

(Stock Code: 00338)

2020 First Quarterly Report

 

 

This announcement is published simultaneously in Shanghai and Hong Kong. This announcement is published pursuant to the Rules Governing Listing of Stocks on Shanghai Stock Exchange in the People’s Republic of China and pursuant to the disclosure obligations under Rules 13.09 and 13.10B of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited.

 

1. Important Message

 

1.1

The Board of Directors (the “Board”) and the Supervisory Committee of Sinopec Shanghai Petrochemical Company Limited (the “Company” or “SPC”) as well as its directors, supervisors and senior management warrant the truthfulness, accuracy and completeness of the information contained in the 2020 first quarterly report, and warrant that there are no false representations or misleading statements contained in or material omissions from this report and severally and jointly accept responsibility pursuant to such information.

 

1.2

All directors attended the twenty-second meeting of the ninth session of the Board, and have considered and adopted the 2020 first quarterly report at the meeting.

 

1.3

Mr. Wu Haijun, person in charge of the Company, Mr. Zhou Meiyun, (person in charge of accounting affairs and overseeing the accounting operations, and Ms. Yang Yating,person-in-charge of Accounting Department (Accounting Chief) warrant the truthfulness, accuracy and completeness of the financial report contained in this first quarterly report.

 

1.4

The financial report of the Company’s 2020 first quarterly report was prepared under the China Accounting Standards for Business Enterprises and was unaudited.

 

1


2. Basic Information

 

2.1

Major Accounting Data

Unit: RMB’000

 

   As at the end of the
Reporting Period
   As at the end of the
previous year
   Increase/decrease at
the end of the
Reporting Period as
compared to the end

of the previous year (%)
 

Total assets

   41,465,657    45,636,128    -9.14 

Total equity attributable to equity shareholders of the Company

   28,613,180    29,885,341    -4.26 
   From the beginning
of the year to the end
of the Reporting
Period (January to
March)
   From the beginning
of the year to the end
of the Reporting
Period last year
(January to

March)
   Increase/decrease
as compared to the
corresponding period

of the previous year (%)
(January to March)
 

Net cash flows used in operating activities

   -3,880,619    -1,089,708    -256.12 
   From the beginning
of the year to the end
of the Reporting
Period (January to
March)
   From the beginning
of the year to the end
of the Reporting
Period last year
(January to

March)
   Increase/decrease
as compared to the
corresponding period

of the previous year (%)
(January to March)
 

Revenue

   17,926,384    25,136,233    -28.68 

Net profit attributable to equity shareholders of the Company

   -1,202,367    610,653    -296.90 

Net profit attributable to equity shareholders of the Company excluding non-recurring items

   -1,218,292    624,529    -295.07 

Return on net assets (weighted average) (%)

   -4.292    1.992    
Decreased by
315.46 percentage points
 
 

Basic earnings per share (RMB/share)

   -0.111    0.056    -298.21 

Diluted earnings per share (RMB/share)

   -0.111    0.056    -298.21 

 

2


Excludednon-recurring items and amount:

Unit: RMB’000

 

Item

  Amount for the
Reporting Period
(January to March)
 

Government grants recognized through profit and loss except for government grants under the State’s unified standards on quota and amount entitlements and closely related to corporate business

   20,203 

In addition to the effective hedging business related to the company’s normal business operations, the fair value gains and losses arising from the holding of transactional financial assets, derivative financial assets, transactional financial liabilities and derivative financial liabilities, as well as the investment gains from the disposal of transactional financial assets, derivative financial assets, transactional financial liabilities, derivative financial liabilities and other creditor’s rights investments.

   14,049 

Other profit and loss items that meet the definition of non-recurring items

   -13,019 

Effect on minority interests (after tax)

   —   

Tax effect for the items above

   -5,308 

Total

   15,925 

 

3


2.2

Total Number of Shareholders as at the End of the Reporting Period, Top Ten Shareholders and Shareholdings of the Top Ten Shareholders of Shares in Circulation (or Unrestricted Shares)

Unit: Share

 

Total number of shareholders

 

   96,508 

Shareholdings of the top ten shareholders

 

Name of shareholder

(in full)

  Number of
shares held at
the end of the
Reporting Period
   Percentage of total
shareholding (%)
   Number of
shares with
selling
restrictions
   Number of shares
pledged or frozen
   Type of
shareholder
 
  Situation of
the shares
   Number 

China Petroleum & Chemical Corporation

   5,460,000,000    50.44    0    None    0    
State-owned
legal person
 
 

HKSCC (Nominees) Limited

   3,454,683,747    31.92    0    Unknown    0    
Overseas legal
person
 
 

China Securities Finance Corporation Limited

   324,111,018    2.99    0    None    0    Others 

Central Huijin Investment Ltd.

   67,655,800    0.63    0    None    0    Others 

HKSCC Limited

   59,952,427    0.55    0    None    0    Others 

China Universal Asset Management Company Limited- Social Security Fund 1103 portfolio

   50,000,620    0.46         

GF Fund – Agricultural Bank of China – GF CSI Financial Asset Management Plan

   45,222,300    0.42    0    None    0    Others 

Dacheng Fund – Agricultural Bank of China – Dacheng CSI Financial Asset Management Plan

   43,531,469    0.40    0    None    0    Others 

China Asset Fund – Agricultural Bank of China – China Asset CSI Financial Asset Management Plan

   43,083,750    0.40    0    None    0    Others 

Bosera Fund – Agricultural Bank of China – Bosera CSI Financial Asset Management Plan

   43,083,700    0.40    0    None    0    Others 

 

4


Shareholdings of the Top Ten Shareholders with Unlimited Conditions of Sale

 

Name of shareholder

 Number of Liquidity Shares
Holding Unlimited
Conditions of Sale
   Type and quantity of shares 
  Type   Quantity 

China Petroleum & Chemical Corporation

  5,460,000,000    RMB common stocks    5,460,000,000 

HKSCC (Nominees) Limited

  3,454,683,747    
Overseas listed
foreign share
 
 
   3,454,683,747 

China Securities Finance Corporation Limited

  324,111,018    RMB common stocks    324,111,018 

Central Huijin Investment Ltd.

  67,655,800    RMB common stocks    67,655,800 

HKSCC Limited

  59,952,427    RMB common stocks    59,952,427 

China Universal Asset Management Company Limited- Social Security Fund 1103 portfolio

  50,000,620    RMB common stocks    50,000,620 

GF Fund – Agricultural Bank of China – GF CSI Financial Asset Management Plan

  45,222,300    RMB common stocks    45,222,300 

Dacheng Fund – Agricultural Bank of China – Dacheng CSI Financial Asset Management Plan

  43,531,469    RMB common stocks    43,531,469 

China Asset Fund – Agricultural Bank of China – China Asset CSI Financial Asset Management Plan

  43,083,750    RMB common stocks    43,083,750 

Bosera Fund – Agricultural Bank of China – Bosera CSI Financial Asset Management Plan

  43,083,700    RMB common stocks    43,083,700 
Explanation of the connected relationship or acting in concert relationship of the above shareholders  Among the above-mentioned shareholders, China Petroleum & Chemical Corporation, a state-owned legal person, does not have any connected relationship with the other shareholders, and does not constitute anact-in-concert party under the Administration Measures on Acquisition of Listed Companies. Among the above-mentioned shareholders, HKSCC (Nominees) Limited is a nominee and HKSCC Limited is the nominal holder of the Company’s Shanghai-Hong Kong Stock Connect. Apart from the above, the Company is not aware of any other connected relationships among the other shareholders, or whether any other shareholder constitutes anact-in-concert party under the Administrative Measures on Acquisition of Listed Companies.

 

5


3. Major Events

3.1 Description of Substantial Changes in Major Financial Report Items and Financial Indicators of the Company

Unit: RMB’000

 

Item

  As at 31
March 2020
   As at 31
December
2019
   Increase/
decrease
amount
   Change
(%)
  

Major reason for change

Monetary Funds

   5,651,324    8,958,538    -3,307,214    -36.92 The decrease of sales gross profit in the first quarter, the decrease of operating balance payables such as accounts payable and taxes payable, and the net cash outflow from operating activities led to the falling of the balance of monetary

Inventory

   4,969,938    6,754,434    -1,784,496    -26.42 Affected by novel coronavirus pneumonia(COVID-19 for short) and significantly drop of crude oil price, the inventory and unit cost of main raw materials such as crude oil of the Company decreased at the end of the period

Short-term borrowings

   3,037,187    1,547,600    1,489,587    96.25 The company’s new borrowings with lower financing costs were used to supplement daily operating funds

Accounts payable

   4,383,186    7,664,296    -3,281,110    -42.81 Affected byCOVID-19 and international crude oil market, the procurement and price of raw materials decreased, resulting in a substantial decline in the payable balance
Unit: RMB’000

Item

  For the three-month period
ended 31 March
   Increase/
decrease
amount
   Change
(%)
  

Major reason for change

  2020   2019 

Operating income

   17,926,384    25,136,233    -7,209,849    -28.68 Affected byCOVID-19, the consumption needs of downstream market decreased, product price and sales declined

Investment income

   77,983    195,291    -117,308    -60.07 Affected byCOVID-19 and chemical market price fluctuations, the operating conditions of associates during the Reporting Period were weaker than the same period of last year, and investment income decreased

Operating (loss)/profit

   -1,629,144    747,350    -2,376,494    -317.99 During the period, sales price of products decreased, the existing expensive inventory was consumed, resulting in a significant decrease in gross profit

 

6


4. Appendix

 

4.1

CONSOLIDATED BALANCE SHEETS

AS AT 31 MARCH 2020

Unit: RMB’000

 

Items

  As at the end of the
Reporting Period
   As at the beginning
of the year
 
   (unaudited)   (audited) 

Current assets

    

Cash at bank and on hand

   5,651,324    8,958,538 

Trading financial assets

   3,919,266    3,318,407 

Derivative financial assets

   2,248    263 

Account receivable

   1,942,207    1,639,916 

Financing receivable

   1,059,483    1,540,921 

Interests receivable

   80,012    56,602 

Other receivables

   39,419    28,111 

Interest receivable

   10,365    10,927 

Inventories

   4,969,938    6,754,434 

Other current assets

   152,706    11,971 
  

 

 

   

 

 

 

Total current assets

   17,816,603    22,309,163 
  

 

 

   

 

 

 

Non-current assets

    

Long-term equity investments

   5,395,706    5,328,758 

Other equity instrument investment

   5,000    5,000 

Investment properties

   379,085    367,468 

Fixed assets

   10,987,805    11,322,850 

Construction in progress

   1,993,598    1,815,549 

Right-of-use assets

   22,040    23,648 

Intangible assets

   333,194    337,846 

Long-term prepaid expenses

   420,963    463,780 

Deferred tax assets

   600,429    150,832 

Othernon-current assets

   3,511,234    3,511,234 
  

 

 

   

 

 

 

Totalnon-current assets

   23,649,054    23,326,965 
  

 

 

   

 

 

 

Total assets

   41,465,657    45,636,128 
  

 

 

   

 

 

 

 

7


CONSOLIDATED BALANCE SHEETS (CONTINUED)

AS AT 31 MARCH 2020

 

Unit: RMB’000

 

Items

  As at the end of the
Reporting Period
   As at the beginning
of the year
 
   (unaudited)   (audited) 

Current liabilities

    

Short-term borrowings

   3,037,187    1,547,600 

Derivative financial liabilities

   872    799 

Notes payable

   937,150    733,900 

Accounts payable

   4,383,186    7,664,296 

Contract Liabilities

   413,120    660,783 

Employee benefits payable

   373,913    189,547 

Taxes payable

   2,538,830    3,803,287 

Other payables

   888,183    867,967 

Including: Interest payable

   2,443    1,686 

Dividends payable

   29,144    29,144 

Non-current liabilities due within one year

   10,928    11,450 
  

 

 

   

 

 

 

Total current liabilities

   12,583,369    15,479,629 
  

 

 

   

 

 

 

Non-current liabilities

    

Lease liabilities

   9,501    10,593 

Deferred revenue

   127,701    130,005 

Deferred tax liabilities

   365    —   

Totalnon-current liabilities

   137,567    140,598 
  

 

 

   

 

 

 

Total liabilities

   12,720,936    15,620,227 
  

 

 

   

 

 

 

Shareholders’ equity

    

Share capital

   10,823,814    10,823,814 

Capital surplus

   610,327    610,327 

Other comprehensive income

   -77,419    17,838 

Specific reserve

   82,600    57,137 

Surplus reserve

   6,437,010    6,437,010 

Undistributed profits

   10,736,848    11,939,215 
  

 

 

   

 

 

 

Total equity attributable to equity shareholders of the Company

   28,613,180    29,885,341 
  

 

 

   

 

 

 

Minority interests

   131,541    130,560 
  

 

 

   

 

 

 

Total shareholders’ equity

   28,744,721    30,015,901 
  

 

 

   

 

 

 

Total liabilities and shareholders’ equity

   41,465,657    45,636,128 
  

 

 

   

 

 

 

 

8


COMPANY BALANCE SHEETS

AS AT 31 MARCH 2020

Unit: RMB’000

 

Items

  As at the end of the
Reporting Period
   As at the beginning
of the year
 
   (unaudited)   (audited) 

Current assets

    

Cash at bank and on hand

   4,734,256    7,263,279 

Trading financial assets

   3,518,464    3,318,407 

Accounts receivables

   1,450,695    1,310,449 

Financial assets at fair value through other comprehensive income

   518,769    669,889 

Advances to suppliers

   74,400    47,547 

Other receivables

   17,031    14,637 

Including: Interests receivables

   10,153    10,617 

Inventories

   4,764,370    6,368,389 

Other current assets

   134,701    —   
  

 

 

   

 

 

 

Total current assets

   15,212,686    18,992,597 
  

 

 

   

 

 

 

Non-current assets

    

Long-term equity investments

   6,548,843    6,489,898 

Investment properties

   408,936    397,573 

Fixed assets

   10,792,609    11,123,442 

Construction in progress

   1,992,016    1,814,985 

Right-of-use assets

   19,627    20,520 

Intangible assets

   295,618    298,914 

Long-term prepaid expenses

   412,887    455,391 

Deferred tax assets

   586,920    138,648 

Othernon-current assets

   3,511,234    3,511,234 
  

 

 

   

 

 

 

Totalnon-current assets

   24,568,690    24,250,605 
  

 

 

   

 

 

 

Total assets

   39,781,376    43,243,202 
  

 

 

   

 

 

 

 

9


COMPANY BALANCE SHEETS (CONTINUED)

AS AT 31 MARCH 2020

 

Unit: RMB’000

 

Items

  As at the end of the
Reporting Period
   As at the beginning
of the year
 
   (unaudited)   (audited) 

Current liabilities

    

Short-term borrowings

   3,000,000    1,500,000 

Notes receivable

   916,000    715,000 

Accounts receivable

   3,342,273    5,951,568 

Contract Liabilities

   361,908    601,912 

Employee benefits payable

   367,386    183,912 

Taxes payable

   2,528,918    3,776,221 

Other payables

   891,982    854,759 

Including: Interest payable

   2,388    1,531 

Dividends payable

   29,144    29,144 

Non-current liabilities that due within one year

   10,154    10,059 
  

 

 

   

 

 

 

Total current liabilities

   11,418,621    13,593,431 
  

 

 

   

 

 

 

Non-current liabilities

    

Lease liabilities

   7,864    8,860 

Deferred revenue

   127,505    130,005 
  

 

 

   

 

 

 

Totalnon-current liabilities

   135,369    138,865 
  

 

 

   

 

 

 

Total liabilities

   11,553,990    13,732,296 
  

 

 

   

 

 

 

Shareholders’ equity

    

Share capital

   10,823,814    10,823,814 

Capital surplus

   600,768    600,768 

Other comprehensive income

   -77,419    17,838 

Specific reserve

   82,600    57,135 

Surplus reserve

   6,437,010    6,437,010 

Undistributed profits

   10,360,613    11,574,341 
  

 

 

   

 

 

 

Total shareholders’ equity

   28,227,386    29,510,906 
  

 

 

   

 

 

 

Total liabilities and shareholders’ equity

   39,781,376    43,243,202 
  

 

 

   

 

 

 

 

10


4.2

CONSOLIDATED INCOME STATEMENTS

FOR THE THREE MONTHS ENDED 31 MARCH 2020(Unaudited)

Unit: RMB’000

 

   Three months ended 31 March 

Items

  2020   2019 

Total revenue

   17,926,384    25,136,233 
  

 

 

   

 

 

 

Including:Revenue

   17,926,384    25,136,233 
  

 

 

   

 

 

 

Total operating cost

   19,537,181    24,583,829 
  

 

 

   

 

 

 

Including: Cost of sales

   16,461,522    20,831,769 

Taxes and surcharges

   2,372,973    2,973,374 

Selling and distribution expenses

   110,122    125,926 

General and administrative expenses

   671,296    765,507 

R&D expenses

   6,071    7,085 

Financial expenses

   -84,803    -119,841 

Including:Financial expense

   15,307    13,572 

Financial income

   98,964    125,729 

Add: Other income

   2,447    584 

Investment income (“-” to indicate loss)

   77,983    195,291 

Including: Share of income of associates and joint ventures

   71,887    209,225 

Profit arising from changes in fair value (“-” for loss)

   21,363    -139 

Credit impairment losses (“-” for loss)

   —      -9 

Asset impairment losses (“-” for loss)

   -120,140    —   

Gains on disposal of assets (“-” for loss)

   —      -790 
  

 

 

   

 

 

 

Operating profit (“-” to indicate loss)

   -1,629,144    747,350 
  

 

 

   

 

 

 

Add:Non-operating income

   18,850    7,361 

Add:Non-operating income

   7,028    7,032 
  

 

 

   

 

 

 

Total profit (“-” to indicate loss)

   -1,617,322    747,679 
  

 

 

   

 

 

 

Less: Income tax expenses

   -415,936    136,682 

 

11


CONSOLIDATED INCOME STATEMENTS (CONTINUED)

FOR THE THREE MONTHS ENDED 31 MARCH 2020(Unaudited)

 

Unit: RMB’000

 

   Three months ended 31 March 

Items

  2020   2019 

Net Profit (“-” to indicate loss)

   -1,201,386    610,997 

(1) Classification by business continuity

   -1,201,386    610,997 

1. Profit from continuing operations (“-” to indicate loss)

   -1,201,386    610,997 

(2) Classification by ownership

   -1,201,386    610,997 

1. Attributable to equity shareholders of the Company (“-” to indicate loss)

   -1,202,367    610,653 

2. Minority interests (“-” to indicate loss)

   981    344 

Other comprehensive income, net of tax

   -95,257    —   

(1) Other comprehensive income, net of tax attributable to shareholders of the Company

   -95,257    —   

1. Items that cannot be reclassified to profit or loss

   —      —   

2. Items that may be reclassified to profit or loss

   -95,257    —   

(a) Items that may be reclassified to profit or loss using the equity method

   -3,288    —   

(b) Cash flow hedging reserves

   -91,969    —   

(2) Other comprehensive income, net of tax attributable to non-controlling shareholders of the Company

   —      —   
  

 

 

   

 

 

 

Total comprehensive income

   -1,296,643    610,997 
  

 

 

   

 

 

 

Attributable to equity shareholders of the Company

   -1,297,624    610,653 

Minority interests

   981    344 

Earnings per share

    

Basic earnings per share (RMB)

   -0.111    0.056 

Diluted earnings per share (RMB)

   -0.111    0.056 

 

12


COMPANY INCOME STATEMENTS

FOR THE THREE MONTHS ENDED 31 MARCH 2020(Unaudited)

Unit: RMB’000

 

   Three months ended 31 March 

Items

  2020   2019 

Revenue

   15,192,662    19,013,327 

Less: Cost of sales

   13,763,457    14,794,477 

Taxes and surcharges

   2,369,980    2,967,040 

Selling and distribution expenses

   92,404    107,155 

General and administrative expenses

   648,148    741,310 

R&D expenses

   4,301    5,252 

Financial expenses

   -72,978    -117,357 

Including: Financial expense

   14,798    7,787 

Financial income

   89,421    118,221 

Add: Other income

   1,623    574 

Investment income (“-” to indicate loss)

   68,012    186,459 

Including: Share of income of associates and joint ventures

   62,233    196,779 

Profit arising from changes in fair value (“-” for loss)

   19,988    —   

Credit impairment losses (“-” for loss)

   —      -9 

Asset impairment losses (“-” for loss)

   -120,140    —   

Asset disposal income (“-” to indicate loss)

   —      -5,869 

Operating profit (“-” to indicate loss)

   -1,643,167    696,605 

Add:Non-operating income

   18,850    1,946 

Less:Non-operating expenses

   7,028    7,030 

Total profit (“-” to indicate loss)

   -1,631,345    691,521 

Less: Income tax expenses

   -417,616    125,401 

Net Profit (“-” to indicate loss)

   -1,213,729    566,120 

Profit from continuing operations (“-” to indicate loss)

   -1,213,729    566,120 

Other comprehensive income, net of tax

   -95,257    —   

(—) Items that cannot be reclassified to profit or loss

   —      —   

(—) Items that may be reclassified to profit or loss

   -95,257    —   

1. Items that may be reclassified to profit or loss using the equity method

   -3,288    —   

2. Cash flow hedging reserves

   -91,969    —   
  

 

 

   

 

 

 

Total comprehensive income

   -1,308,986    566,120 
  

 

 

   

 

 

 

Earnings per share

    

Basic earnings per share (RMB)

   -0.112    0.052 

Diluted earnings per share (RMB)

   -0.112    0.052 

 

13


4.3

CONSOLIDATED CASH FLOW STATEMENTS

FOR THE THREE MONTHS ENDED 31 MARCH 2020(Unaudited)

Unit: RMB’000

 

   Three months ended 31 March 

Items

  2020   2019 

1. Cash flows used in operating activities

    

Cash received from sales of goods or rendering of services

   19,228,821    27,306,858 

Cash received relating to other operating activities

   62,569    6,015 
  

 

 

   

 

 

 

Sub-total of cash inflows

   19,291,390    27,312,873 
  

 

 

   

 

 

 

Cash paid for goods and services

   19,096,902    23,266,199 

Cash paid to and on behalf of employees

   581,241    572,139 

Payments of taxes and surcharges

   3,451,637    4,385,444 

Cash paid relating to other operating activities

   42,229    178,799 
  

 

 

   

 

 

 

Sub-total of cash outflows

   23,172,009    28,402,581 
  

 

 

   

 

 

 

Net cash flows generated operating activities

   -3,880,619    -1,089,708 
  

 

 

   

 

 

 

2. Cash flows generated from investing activities

    

Cash received from entrusted lending

   —      200,000 

Cash received from returns on investments

   1,650    —   

Net cash received from disposal of fixed assets, intangible assets and other long-term assets

   126    4,815 

Cash received relating to other investing activities

   2,875,698    800,215 
  

 

 

   

 

 

 

Sub-total of cash inflows

   2,877,474    1,005,030 
  

 

 

   

 

 

 

Cash paid to acquire fixed assets, intangible assets and other long-term assets

   380,901    293,828 

Cash paid to other related investment activities

   3,401,282    504,396 
  

 

 

   

 

 

 

Sub-total of cash outflows

   3,782,183    798,224 
  

 

 

   

 

 

 

Net cash flows generated from operating activities.

   -904,709    206,806 
  

 

 

   

 

 

 

 

14


CONSOLIDATED CASH FLOW STATEMENTS (CONTINUED)

FOR THE THREE MONTHS ENDED 31 MARCH 2020(Unaudited)

 

Unit: RMB’000

 

   Three months ended 31 March 

Items

      2020           2019     

3. Cash flows generated from financing activities

    

Cash received from borrowings

   3,167,187    1,897,500 
  

 

 

   

 

 

 

Sub-total of cash inflows

   3,167,187    1,897,500 
  

 

 

   

 

 

 

Cash repayments of borrowings

   1,677,600    972,825 

Cash paid for distribution of dividends or profits and interest expenses

   11,976    10,812 

Cash paid for other fund-raising activities

   9,547    89 
  

 

 

   

 

 

 

Sub-total of cash outflows

   1,699,123    983,726 
  

 

 

   

 

 

 

Net cash flows generated from financing activities

   1,468,064    913,774 
  

 

 

   

 

 

 

4. Effect of foreign exchange rate changes on cash and cash equivalents

   5,171    -1,719 

5. Net increase in cash and cash equivalents

   -3,312,093    29,153 

Add: Cash and cash equivalents at beginning of the Reporting Period

   7,449,699    8,241,893 

6. Cash and cash equivalents at end of the Reporting Period

   4,137,606    8,271,046 

 

15


CASH FLOW STATEMENTS

FOR THE THREE MONTHS ENDED 31 MARCH 2020(Unaudited)

Unit: RMB’000

 

   Three months ended 31 March 

Items

  2020   2019 

1. Cash flows generated operating activities

    

Cash received from sales of goods or rendering of services

   15,998,915    20,789,805 

Cash received relating to other operating activities

   51,219    8,694 
  

 

 

   

 

 

 

Sub-total of cash inflows

   16,050,134    20,798,499 
  

 

 

   

 

 

 

Cash paid for goods and services

   15,600,585    16,812,058 

Cash paid to and on behalf of employees

   545,350    535,445 

Payments of taxes and surcharges

   3,428,735    4,311,964 

Cash paid relating to other operating activities

   10,600    116,469 
  

 

 

   

 

 

 

Sub-total of cash outflows

   19,585,270    21,775,936 
  

 

 

   

 

 

 

Net cash flows generated operating activities

   -3,535,136    -977,437 
  

 

 

   

 

 

 

2. Cash flows generated investing activities

    

Net cash received from disposal of fixed assets, intangible assets and other long-term assets

   126    4,672 

Cash received relating to other investing activities

   2,876,393    785,005 
  

 

 

   

 

 

 

Sub-total of cash inflows

   2,876,519    789,677 
  

 

 

   

 

 

 

Cash paid to acquire fixed assets, intangible assets and other long-term assets

   354,382    290,527 

Cash paid to other related investment activities

   3,000,000    500,000 
  

 

 

   

 

 

 

Sub-total of cash outflows

   3,354,382    790,527 
  

 

 

   

 

 

 

Net cash flows used in investing activities

   -477,863    -850 
  

 

 

   

 

 

 

 

16


CASH FLOW STATEMENTS (CONTINUED)

FOR THE THREE MONTHS ENDED 31 MARCH 2020(Unaudited)

 

Unit: RMB’000

 

   Three months ended 31 March 

Items

  2020   2019 

3. Cash flows generated from financing activities

    

Cash received from borrowings

   3,160,000    1,880,000 
  

 

 

   

 

 

 

Sub-total of cash inflows

   3,160,000    1,880,000 
  

 

 

   

 

 

 

Cash repayments of borrowings

   1,660,000    934,725 

Cash paid for distribution of dividends or profits and interest expenses

   11,502    10,204 

Cash paid for other financing activities

   9,400    —   
  

 

 

   

 

 

 

Sub-total of cash outflows

   1,680,902    944,929 
  

 

 

   

 

 

 

Net cash flows generated from financing activities

   1,479,098    935,071 
  

 

 

   

 

 

 

4. Effect of foreign exchange rate changes on cash and cash equivalents

   —      —   

5. Net increase in cash and cash equivalents

   -2,533,901    -43,216 

Add: Cash and cash equivalents at beginning of the Reporting Period

   5,754,440    7,119,013 

6. Cash and cash equivalents at end of the Reporting Period

   3,220,539    7,075,797 

By Order of the Board

Sinopec Shanghai Petrochemical Company Limited

Wu Haijun

Chairman

Shanghai, the PRC, 28 April 2020

 

17